February 21, 2011
World oil prices rose sharply on Monday as violence in Libya sparked worries that energy supplies could be disrupted.
The price of Brent crude oil in London, the benchmark for much of the world, jumped more than two percent to hit $105 a barrel. That is the highest price since 2008. U.S. crude prices also rose sharply, but remain somewhat lower than London’s cost.
Libya is the worldâ€™s twelfth largest oil exporter. According to the International Energy Agency, the country produces about 1.6 million barrels of crude a day, about 2 percent of global oil demand.